OLD National Bancorp IN Takes Position in Prologis, Inc. $PLD

OLD National Bancorp IN purchased a new position in shares of Prologis, Inc. (NYSE:PLD) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,858 shares of the real estate investment trust’s stock, valued at approximately $300,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Brighton Jones LLC raised its stake in Prologis by 629.0% during the fourth quarter. Brighton Jones LLC now owns 17,475 shares of the real estate investment trust’s stock worth $1,847,000 after purchasing an additional 15,078 shares during the period. Wedmont Private Capital raised its stake in Prologis by 2.8% during the first quarter. Wedmont Private Capital now owns 5,530 shares of the real estate investment trust’s stock worth $618,000 after purchasing an additional 153 shares during the period. Patriot Financial Group Insurance Agency LLC raised its stake in Prologis by 5.6% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 4,593 shares of the real estate investment trust’s stock worth $513,000 after purchasing an additional 243 shares during the period. Miracle Mile Advisors LLC raised its stake in Prologis by 10.1% during the first quarter. Miracle Mile Advisors LLC now owns 13,719 shares of the real estate investment trust’s stock worth $1,534,000 after purchasing an additional 1,253 shares during the period. Finally, First Citizens Bank & Trust Co. raised its stake in Prologis by 1,451.2% during the first quarter. First Citizens Bank & Trust Co. now owns 31,180 shares of the real estate investment trust’s stock worth $3,486,000 after purchasing an additional 29,170 shares during the period. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on PLD. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prologis in a research note on Saturday, September 27th. Evercore ISI boosted their price target on shares of Prologis from $111.00 to $113.00 and gave the company an “in-line” rating in a research note on Monday, September 15th. Wall Street Zen downgraded shares of Prologis from a “hold” rating to a “sell” rating in a research note on Saturday, June 14th. Citigroup reduced their price target on shares of Prologis from $150.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, July 23rd. Finally, Scotiabank set a $114.00 price target on shares of Prologis and gave the company a “sector perform” rating in a research note on Wednesday, August 27th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.58.

Prologis Trading Down 1.0%

NYSE PLD opened at $115.95 on Wednesday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.61. Prologis, Inc. has a 52 week low of $85.35 and a 52 week high of $127.65. The stock has a market capitalization of $107.63 billion, a PE ratio of 31.42, a price-to-earnings-growth ratio of 2.96 and a beta of 1.28. The firm has a 50 day moving average of $111.36 and a two-hundred day moving average of $107.68.

Prologis (NYSE:PLD) last posted its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.46 EPS for the quarter, topping the consensus estimate of $1.41 by $0.05. Prologis had a net margin of 40.29% and a return on equity of 5.96%. The company had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the previous year, the business posted $1.34 EPS. The firm’s revenue was up 8.8% on a year-over-year basis. Prologis has set its FY 2025 guidance at 5.750-5.800 EPS. As a group, research analysts expect that Prologis, Inc. will post 5.73 EPS for the current fiscal year.

Prologis Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were given a $1.01 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $4.04 annualized dividend and a yield of 3.5%. Prologis’s dividend payout ratio is 109.49%.

Insider Buying and Selling at Prologis

In related news, Director Cristina Gabriela Bita sold 500 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $115.69, for a total value of $57,845.00. Following the completion of the sale, the director owned 9,329 shares in the company, valued at $1,079,272.01. This represents a 5.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Lori A. Palazzolo sold 25,000 shares of the company’s stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $111.33, for a total transaction of $2,783,250.00. Following the completion of the sale, the chief accounting officer owned 414 shares of the company’s stock, valued at approximately $46,090.62. This trade represents a 98.37% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,500 shares of company stock valued at $2,952,095. 0.57% of the stock is owned by insiders.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2024, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.